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ENB

Enbridge

$32.69

-0.38 (-1.15%)

, SEP

Spectra Energy Partners

$33.10

-0.045 (-0.14%)

06:11
05/17/18
05/17
06:11
05/17/18
06:11

Enbridge proposes to acquire all outstanding sponsored vehicle equity securities

Enbridge announced it has made, on behalf of itself and certain of its wholly owned US subsidiaries, separate all-share proposals to the respective boards of directors of its sponsored vehicles, Spectra Energy (SEP), Enbridge Energy (EEP), Enbridge Energy Management (EEQ), and Enbridge Income Fund, to acquire, in separate combination transactions, all of the outstanding equity securities of those sponsored vehicles not beneficially owned by Enbridge. The proposed exchange ratios reflect a value for all of the publicly held equity securities of the sponsored vehicles of C$11.4B, or 272M Enbridge common shares, if all are completed on the terms offered based on the closing price of Enbridge's common shares on the Toronto Stock Exchange on May 16. The transactions as proposed are expected to be approximately neutral to Enbridge's three-year financial guidance and positive to Enbridge's post-2020 outlook due to tax and other synergies. In December 2017, Enbridge outlined its 2018-2020 plan that emphasized several priorities, one of which was to assess the potential streamlining and simplification of its corporate structure. Enbridge has a long history of maximizing shareholder value through strong operational performance and efficient capital management, including the sponsorship of its high-payout investment vehicles in the U.S. and Canada. The recent FERC income tax allowance policy reversal and the regulatory rate impact from the U.S. Tax Cuts and Jobs Act, as well as the market reactions across the MLP landscape, have challenged the standalone viability of SEP, EEP and EEQ as reliable and cost effective sources of capital to support Enbridge's growth. Similarly, ENF has lost its cost of capital advantage and is no longer an effective funding vehicle. After evaluating options to mitigate the effects of these recent actions and the resulting capital markets' response, and to advance Enbridge's priority to simplify and streamline its corporate structure, Enbridge believes the proposals are strategically and economically attractive to each of the sponsored vehicles and to Enbridge shareholders. Enbridge expects to discuss the merits of each of the separate proposals with the respective independent committees of each vehicle, upon formation of these committees. If the transactions are completed, all equity security holders of Enbridge and its sponsored vehicles would benefit from holding a single security that provides direct ownership in the largest energy infrastructure company in North America with assets, a profile and attractive growth. Without this restructuring, and in light of the challenging capital markets conditions and the resulting impact on MLP cash flows, Enbridge's view is that EEP and SEP will face the cessation of distribution growth, and compromised distribution outlook to unitholders as early as 2019. Similarly, Enbridge's view is that ENF's uncompetitive cost of capital will inhibit future dividend growth.

ENB

Enbridge

$32.69

-0.38 (-1.15%)

SEP

Spectra Energy Partners

$33.10

-0.045 (-0.14%)

EEP

Enbridge Energy

$10.09

0.15 (1.51%)

EEQ

Enbridge Energy Management

$9.45

(0.00%)

ENB Enbridge
$32.69

-0.38 (-1.15%)

03/29/18
MZHO
03/29/18
INITIATION
MZHO
Neutral
Enbridge initiated with a Neutral at Mizuho
Mizuho analyst Brian Zarahn started Enbridge with a Neutral rating and C$45 price target. The analyst sees uncertainty from regulators for the company's Line 3 replace oil pipeline.
01/09/18
BOFA
01/09/18
INITIATION
Target $54
BOFA
Neutral
Enbridge reinstated with a Neutral at BofA/Merrill
BofA/Merrill analyst Dennis Coleman reinstated coverage on Enbridge with a Neutral and $54 price target.
03/15/18
EVER
03/15/18
NO CHANGE
EVER
Evercore ISI says FERC rule shouldn't impact Kinder Morgan, Enbridge pipelines
After FERC said it no longer will allow master limited partnership interstate natural gas and oil pipelines to recover an income tax allowance in cost of service rates, Evercore ISI analyst Timm Schneider said he does not expect pipelines owned by C-Corps, such as Kinder Morgan (KMI), Oneok (OKE), Enbridge (ENB) and TransCanada (TRP), to be impacted. The proposed change is likely to impact MLPs with large amounts of "cost of service" exposure, such as those with large amounts of interstate gas pipelines, like Williams (WMB) and Tallgrass (TEP; TEGP), he said. Overall the selloff across the sector is likely overstated, added Schneider.
03/19/18
RBCM
03/19/18
NO CHANGE
Target $12
RBCM
Sector Perform
Enbridge Energy price target lowered to $12 from $17 at RBC Capital
RBC Capital analyst TJ Schultz lowered his price target on Enbridge Energy (EEP) to $12, citing the negative impact of FERC's ruling on income tax recovery allowance for MLPs. The analyst keeps his Sector Perform rating on Enbridge Energy, adding that the company's "strategic decision" is now focused around a potential roll-up into Enbridge (ENB).
SEP Spectra Energy Partners
$33.10

-0.045 (-0.14%)

04/09/18
RBCM
04/09/18
DOWNGRADE
RBCM
Sector Perform
Spectra Energy downgraded to Sector Perform from Outperform at RBC Capital
04/09/18
RBCM
04/09/18
DOWNGRADE
Target $35
RBCM
Sector Perform
Spectra Energy Partners cut to Sector Perform at RBC Capital on cash flows
As reported earlier, RBC Capital analyst Eviro Scotto downgraded Spectra Energy Partners to Sector Perform from Outperform and cut her price target to $35 from $51. Scotto says the expectations over the company's long-term cash flows are put in question following the latest FERC ruling regarding tax allowance for MLPs. While the analyst remains positive on Spectra Energy's "premier asset footprint", she sees the FERC ruling as a "multi-year overhang".
04/13/18
JPMS
04/13/18
DOWNGRADE
Target $43
JPMS
Neutral
Spectra Energy Partners downgraded to Neutral from Overweight at JPMorgan
JPMorgan analyst Jeremy Tonet downgraded Spectra Energy Partners to Neutral and lowered his price target for the shares to $43 from $47. The analyst sees "escalated FERC induced uncertainty" and notes the company has "significant" FERC-regulated pipelines.
04/19/18
DBAB
04/19/18
INITIATION
Target $32
DBAB
Sell
Spectra Energy Partners initiated with a Sell at Deutsche Bank
Deutsche Bank started Spectra Energy Partners with a Sell rating and $32 price target.
EEP Enbridge Energy
$10.09

0.15 (1.51%)

03/19/18
MZHO
03/19/18
NO CHANGE
MZHO
Mizuho sees MLP buying opportunities after tax ruling selloff
Mizuho analyst Brian Zarahn believes energy infrastructure tailwinds from rising production, higher exports and projects entering service more than offset the headwinds from midstream competition, interest rates and the recent FERC tax ruling. In a research note titled "Tax Policy Impact Not as Bad as Feared," the analyst recommends using the recent share selloffs to buy Energy Transfer Partners (ETP), Enterprise Products (EPD), Plains All American (PAA) and Valero Energy Partners (VLP). Zarahn also lowered his price target for Enbridge Energy (EEP) to $13 from $15 to reflect the negative impact of the FERC tax change.
03/16/18
LTCO
03/16/18
DOWNGRADE
Target $13
LTCO
Neutral
Enbridge Energy downgraded to Neutral from Buy at Ladenburg
Ladenburg Thalmann analyst Michael Schmitz downgraded Enbridge Energy Partners to Neutral and lowered his price target for the shares to $13 from $18. Yesterday FERC ruled that it will revise its 2005 Policy Statement for Recovery of Income Tax Costs so that it no longer will allow master limited partnership interstate natural gas and oil pipelines to recover an income tax allowance in cost of service rates, Schmitz tells investors in a research note. The ruling, while it could be appealed, may negatively weigh near-term on MLPs with significant exposure to interstate natural gas and oil pipelines with cost of service rates, Schmitz contends.
01/11/18
MSCO
01/11/18
DOWNGRADE
MSCO
Underweight
Enbridge Energy, Enbridge Energy Management downgraded at Morgan Stanley
As previously reported, Morgan Stanley analyst Tom Abrams downgraded Enbridge Energy (EEP) to Underweight from Equal Weight, saying he sees the stock and c-Corp tracker Enbridge Energy Management (EEQ) as possible relative laggards as the midstream sector recovers given constraints such as a levered balance sheet and higher than optimal costs of capital. He also lowered his rating on Enbridge Energy Management to Underweight.
EEQ Enbridge Energy Management
$9.45

(0.00%)

03/16/18
LTCO
03/16/18
DOWNGRADE
Target $13
LTCO
Neutral
Enbridge Energy Management downgraded to Neutral from Buy at Ladenburg
Ladenburg Thalmann analyst Michael Schmitz downgraded Enbridge Energy Management to Neutral and lowered his price target for the shares to $13 from $18. Yesterday FERC ruled that it will revise its 2005 Policy Statement for Recovery of Income Tax Costs so that it no longer will allow master limited partnership interstate natural gas and oil pipelines to recover an income tax allowance in cost of service rates, Schmitz tells investors in a research note. The ruling, while it could be appealed, may negatively weigh near-term on MLPs with significant exposure to interstate natural gas and oil pipelines with cost of service rates, Schmitz contends.
01/09/18
RAJA
01/09/18
INITIATION
Target $14
RAJA
Underperform
Enbridge Energy Management reinstated with an Underperform at Raymond James
BofA/Merrill analyst Dennis Coleman reinstated coverage on Spectra Energy Partners with an Underperform and $14 price target.
06/15/17
MSCO
06/15/17
DOWNGRADE
MSCO
Enbridge Energy Management downgraded to Equal Weight at Morgan Stanley
Morgan Stanley analyst Tom Abrams downgraded Enbridge Energy Management to Equal Weight from Overweight to reflect general G&P headwinds, delayed new projects and dampened energy expectations.

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